Cryptocurrency has already proved to people, organizations, and countries to be the future. Although people are hesitant to change all the time, the proof is there, and many have realized the benefits of adopting cryptocurrency early. Smart countries are legalizing cryptocurrency to give their citizens the upper hand to invest in something that will have them make huge profits and avoid inflation. While some countries and cities have already adopted cryptocurrency as a legal tender for transactions, citizens struggle with resistance from the government and the banking system in some other countries.
Portugal is one of the newest countries to adopt cryptocurrency. Before people can receive tailored services in any country, the central bank in the country has to have the ability to license and regulate cryptocurrency in the country. For the first time in many years, Portugal has made waves in something else with huge impacts all over the world.
The central bank of Portugal, known as the Banco De Portugal, granted a crypto license to one of the local banks in the country, the Bison Bank. This might seem to be a small thing to people who are not focused on cryptocurrency, but this is one of the biggest news this month. The license grants the bank to offer crypto services to their customers and anybody else in the country who wants to invest in cryptocurrency.
There are huge impacts to this. Some of the local impacts include that after the license is granted, more people in the country will invest in cryptocurrency or adapt to the currency in one way or another. Considering the timing, this is happening when the world is going through a high inflation rate and a possible economic revolution. These challenges will make people invest in new things and adopt the new digital currency offered by their local banks. The main impact here is that this will increase the cryptocurrency adoption rate in Portugal and the entire region. When this happens, other banks in the country will want to realize Bison Bank’s profits from the digital asset unit.
The most significant impact this news will have on the world, including Africa, is that it will help more central banks in the world to start issuing licenses to banks and other companies that want to offer regulated crypto services to the population. If the Bison Digital Asset unit becomes successful, other countries will want to duplicate this as Portugal serves as a benchmark for the rest of the world. This is the reason why the crypto license might be the biggest news in the world and lead other major banks to offer crypto services. I am sure one of the services that the Bison Digital Asset will offer is that since it has access to services offered by the Bison Bank, people will have the option to transfer their funds, savings, and deposits from fiat currencies to cryptocurrency.
